New US Restrictions Target Venezuelan Oil Blending

The U.S. is stepping up efforts to cripple Venezuela’s oil industry by targeting the petrochemicals the country’s state-owned oil company needs to keep its crude exports flowing.

The U.S. Treasury’s Office of Foreign Assets Control said Thursday in a notice that sanctions on Venezuela’s petroleum industry will no longer exclude the export or re-export of diluents, a class of hydrocarbons blended with heavy, viscous types of crude oil to make them lighter and more marketable.

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